Info Tax 2009

Advantages of share premiums in Romania
Citeste varianta in limba romana

Info Tax no. 7, October 2009 Recent changes in the Fiscal code[1] finally clarify that share premiums are allowed to be distributed towards shareholders.  Moreover, it is clarified that such distributions are not deemed to constitute dividend and, consequently, are not subject to dividend withholding tax.  This consideration as well as other advantages of using share premiums instead of the traditional …

Certification of (2009) tax returns
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Info Tax no. 6, August 2009 By this issue we would like to remind you that starting 1 January 2010 annual tax returns must be certified by fiscal consultants, members of the Chamber of Fiscal Consultants in Romania, in view of their submission with the tax authorities. For the avoidance of doubt, annual returns include amongst others profits tax return, to …

Deferred payment of tax liabilities
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Info Tax no. 5, July 2009 Emergency Ordinance no. 92/2009 announced the publication middle July 2009 of the Norms for its implementation (“the Norms“). So, once Order of the Ministry of Public Finance no. 2321/2009 for approval of the Norms was published, companies (including for reference individuals as well) have now access to the full procedure regarding the deferred payment of …

Deferred payment of tax liabilities
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Info Tax no. 4, July 2009 Government Emergency Ordinance no. 92/2009 was published on 1 July 2009 and its provisions apply by 30 June 2010. By way of the Ordinance, a deferred payment of tax liabilities is available to companies that cumulatively meet the following requirements: do not record overdue tax liabilities as of 30 September 2008, have submitted all their …

Thin capitalization rules
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Info Tax no. 3, May 2009 Romania applies strict debt/equity limitations.  Thus, if the debt-to-equity ratio is higher than 3, loan-related cost (interest and, possibly, foreign exchange loss) is non-deductible in the period. Further, an anti-abuse principle applies and establishes that, for loans contracted out in a foreign currency, interest cost which is allowed for deduction against profits taxable bases should …

Non-banking financial institutions – past, present and future
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Info Tax no. 2, April 2009 Briefly, non-banking financial institutions are companies which grant, amongst others, consumer loans, mortgage and immovable loans, finance lease, without having however the statute of “commercial banks”.  Similarly to the banks, they are subjected to the National Bank’s authorization, reporting and controlling norms. In time, due to the diversity and flexibility of the services offered, non-banking …

Introduction of lump sum tax
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Info Tax no. 1, April 2009 By way of Emergency Ordinance no. 34/2009 for the modification of the Fiscal code, the government aims at the increase of the taxable bases, as an immediate mean to keep under control the budgetary deficit (maximum 4.6% of the GDP is the level IMF accepts). The most important measures imagined by the government, as they …